BrewDog hails '˜record' crowdfunder after exceeding target by £13m

Craft beer firm BrewDog is celebrating what it has called the world's most successful equity crowdfunding raise, surpassing its target by £13 million already.

Ellon-based brewer, founded by James Watt (left) and Martin Dickie (right), has crowdfunded £64m from 90,000 investors since 2009. Picture: BrewDog

The Ellon-based brewer said the latest investment round has seen it raise more than £23m from some 45,000 investors via crowdfunding platform Crowdcube.

Due to close on 15 October, the Equity for Punks V round exceeded its original £10m target within 90 days, which BrewDog attributed to the platform’s “community of seasoned investors”.

Shares cost £23.75 each and are issued in blocks of two.

BrewDog said the success of the latest fundraise exceeds the record it also held since raising £19m in its previous European drive. It also said it has received more investors than the sum total of the previous Equity for Punks crowdfunding rounds combined.

BrewDog announced in October that the latest funds raised would be re-invested to expand production at its headquarters in Ellon, open a sour beer facility, accelerate global bar openings and begin the construction of its brewery in Brisbane, Australia.

Co-founder James Watt said: “It’s insane to see over 90,000 people buy a piece of our business. This continued support and demand for Equity for Punks is not only humbling, but demonstrates the passion people share for our mission and belief in awesome beer.

“The success we’ve seen over the past decade has only been made possible by our incredibly passionate, engaged, evangelical community of equity punks. They are the beating heart of everything we do and together we are changing the world of beer for the better.”

The business hit the headlines last week when it pulled out of joint events with Atlanta-based beer maker Scofflaw Brewing, after the American brewer reportedly offered free drinks to Donald Trump supporters in the UK.

Much of BrewDog’s growth has been underpinned by its crowdfunding drives, which to date have raised in excess of £64m from some 90,000 investors since launching in 2009.

In September, BrewDog opened its first DogHouse hotel in Columbus, Ohio, where it also has a brewery.

The brewer said in an interim trading update last month that total revenue showed a year-on-year increase of 55 per cent to £78m in the period ended 30 June.

BrewDog cited “heavy investment” in the off-trade, such as partnerships with supermarkets Morrisons and Tesco, as contributing to UK retail sales growth of 83 per cent. While the results showed exports to continental Europe continued to be the brewer’s largest overseas market, it reported seeing “rapidly increasing demand” from Oceania and Asia.

It now has more than 1,500 staff and 58 craft beer bars across the globe, most recently opening a bar in the Icelandic capital Reykjavik.